Understanding and Improving Your Credit
Information to help you improve your credit
No Credit? Bad Credit? Trying to rebuild?
Today, more people than ever before are suffering with the problems caused by "bad credit". Even people who 2 years ago had perfect credit have seen their credit scores drop dramatically due to the recession and the mortgage crash. On this blog we will provide information for people who are ready to repair their credit and improve their credit score.
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Laws are usually created for the protection of people and their interest. Through laws and policies we are able to know our rights and privileges. We also achieve a feeling of security knowing that a government agency looks after us and regulates the activities of the systems that surround us.
An excellent example of a law that greatly affects us is the New Credit Card Act. What is this law all about? How does this affect your life? And how can you benefit from this new policy on credit cards? The answers to these questions and some other information will be tackled in the short article below.
What is the new Credit Card Act?
The new Credit Card Accountability, Responsibility, and Disclosure (CARD) Act was formally imposed on August 20, 2009. This law provides credit card holders the right to decline the changes that will be made on their credit card agreements.
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The Credit CARD (Card Accountability, Responsibility and Disclosure) Act of 2009 was signed into a law on May 22. The changes made were meant to protect consumers from unreasonable terms and conditions of credit card companies. As a consumer and credit cardholder, how can you benefit from the new law? In this article, let’s discuss the new credit card rules:
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President Barack Obama signed the New Credit Card Law on May 22, 2009. The first batch of changes already took effect on August 2009 while the rest will take effect on February 22, 2010. Below are the highlights that you’ll be glad to know:
Controlled Interest Rate Hike. Increased rates are still allowed but only on these three conditions:
- The promotional rate has expired
- The Variable Index Rate has increased
- The cardholder has been delinquent for 60 days or more
On May 22, the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD Act of 2009 was made into a law. In this article, let’s discuss the advantages that you can enjoy from the changes brought about by the New Credit Card Law.
No sudden rate increases. Gone are the days when Issuers can increase the current rate to penalize cardholders who fall behind their payments. Issuers cannot impose the Universal Default Clause.
The interest rate can increase only if the Variable Index Rate has changed, if the promotional rate has expired or if the cardholder has been late for 60 days or more.
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